Get a low introductory rate and a life-of-loan discount from one of Australia's major banks.
The Commonwealth Bank Extra Home Loan offers a variety of discounts along with low fees.
$2,000 refinance cashback offer
If you refinance to the Commonwealth Bank from another lender you could be eligible for a $2,000 cashback. The offer applies to principal and interest owner occupier home loans and all investment and Viridian line of credit loans. You need to refinance a loan amount of at least $250,000 and apply before 30 June 2019 and have your loan funded by 06 September 2019.
| Product Name | Commonwealth Bank Extra Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $200 |
| Discharge Fee | $350 |
Pros
- Low, discounted rates
- Minimal fees
Cons
- Some rates require a higher deposit
What do I need to know about this loan?
The Commonwealth Bank Extra Home Loan is available to both owner-occupiers and investors for purchase or refinance. It offers two- or four-year discounted periods as well as a life-of-loan discount based on your loan-to-value ratio (LVR).
What are the features and benefits of the Commonwealth Bank Extra Home Loan?
- Loan amount and loan to value ratio. The Commonwealth Bank Extra Home Loan has a low minimum borrowing amount of $150,000 and no maximum borrowing amount. The maximum loan to value ratio is 95%. Borrowing more than 80% will incur a lenders mortgage insurance (LMI) premium. Some of the lower discounted rates for this product require a 30% deposit, however.
- Free redraw. The Commonwealth Bank Extra Home Loan allows you to make as many extra repayments as you like without penalty. You can access these extra funds using the loan's free redraw facility. However, there's a minimum redraw amount of $1,000.
- Tiered discount. This loan offers discounts off the bank's standard variable rate. There's a two-year introductory discount as well as a four-year introductory discount and a life-of-loan discount. At the end of either of the introductory discount periods, the loan will revert to a life-of-loan discount. The loan offers a larger discount for LVRs of 70% or below.
- Low fees. The Commonwealth Bank Extra Home Loan carries no application or ongoing fees.
What fees and charges come with this loan?
- Settlement fee: $200. This one-off fee covers the cost of funding your home loan.
- Discharge fee: $350. This fee is charged when you close your loan account, either through refinancing or repaying your loan in full.
How do I apply for this loan?
If you think the Commonwealth Bank Extra Home Loan is the right product for you, click the green "Enquire Now" button. You'll be asked to fill in a few brief details, and you'll be contacted by an Aussie Home Loans expert to walk you through the application process.
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